OI SA: Creditors Said to Oppose Proposed Restructuring Plan------------------------------------------------------------Cristiane Lucchesi at Bloomberg News reports that creditors of OiSA, the Brazilian phone company that filed for bankruptcy with $20billion of debt, view the restructuring plan the company presentedon Sept. 5 as unfairly benefiting shareholders, said two peoplewith direct knowledge of the matter.

The main issue is the right Oi has to redeem bondholders'convertibles anytime it wants, the people said, asking not to benamed because the position isn't public yet, according toBloomberg News. Creditors argue that the option for earlyredemption gives current shareholders power to avoid dilution ifthe company manages to stage a turnaround, but leaves bondholderswith a large stake if things go badly, the people said, BloombergNews relays.

The Rio de Janeiro-based operator proposed converting up toBRL32.3 billion ($10.1 billion) of bondholders' debt intoconvertible bonds with a face value of BRL10 billion, the reportnotes. Lenders would get 85 percent of the company if Oi doesn'tpay off the debt in three years -- leaving current shareholders incontrol of the company for that time span, and potentiallybenefiting from any recovery, the people said, Bloomberg Newsrelays.

The creditors also oppose the 10-year grace period suggested forbank debt, considered too long, and the option shareholders haveof using proceeds from asset sales to pay bondholders'convertibles, which could avoid dilution, the people said. Theplan will need to change to be approved by creditors, according tothe people, Bloomberg News discloses.

"The proposal is unattractive to creditors and should be viewed,we think, as an indication of the company's intention to present atough stance in upcoming negotiations with creditors," FranciscoVelasco, an analyst at Exotix Partners, said in a research note,Bloomberg News says. Mr. Velasco recommended selling Oi bonds.

A press official for Oi declined to comment on creditors' concernsabout the restructuring plan.

The plan, which also includes new resources and the possibility ofa merger or breakup, was approved by the company's board and filedwith a court in Rio, according to a filing, Bloomberg News says.Now that the document has been presented, Oi's debtholders andshareholders have 30 days to negotiate before presenting a revisedplan, Bloomberg News discloses. Two top shareholders, Pharol SGPSSA and Nelson Tanure, are already in talks, people familiar withthe matter said, Bloomberg News relays.

'Massive Haircuts'

"It's difficult to come to terms with shareholders walking awaywith substantial value while bondholders are taking massivehaircuts," said David Tawil, co-founder of New York-based hedgefund Maglan Capital, Bloomberg News notes.

Oi SA has listed almost 67,000 creditors between bondholders,banks and small companies, as well as Anatel, the nation'stelecommunications regulator, Bloomberg News says. According toBrazilian law, creditors have 30 days to object to the plan beforea general assembly takes place led by the judicial administratorPricewaterhouseCoopers and law firm Wald, Bloomberg News notes.

Oi SA, which finished the second quarter with total debt ofBRL48.4 billion, filed for protection from creditors in June amida looming bond payment and after some board members disagreed witha debt swap plan proposed by a Moelis & Co.-led group that wouldhave given bondholders 95 percent of the company, Bloomberg Newsnotes.

Brazil's fourth-biggest wireless company was built through aseries of mergers and went through a number of leadershipchanges -- the company has had six chief executive officers in thepast five years, the report recounts. It operates part of thecountry's landline phone system, which has proven onerous -- Oi SAhas a legal commitment to expand and maintain the obsoletenetwork, Bloomberg News relays.

Headquartered in Rio de Janeiro, and operating almost exclusivelywithin Brazil, the Oi Group provides services like fixed-line datatransmission and network usage for phones, internet, and cable,Wi-Fi hot-spots in public areas, and mobile phone and dataservices, and employs approximately 142,000 direct and indirectemployees.

PHF HOLDINGS: Creditors' Proofs of Debt Due Sept. 30----------------------------------------------------The creditors of PHF Holdings Ltd. are required to file theirproofs of debt by Sept. 30, 2016, to be included in the company'sdividend distribution.

WELL FORTUNE: Creditors' Proofs of Debt Due Sept. 19----------------------------------------------------The creditors of Well Fortune Investments Limited are required tofile their proofs of debt by Sept. 19, 2016, to be included in thecompany's dividend distribution.

Outlet diariolibre.com reports that since before 8:00 a.m.,Haitian vendors crossed the border bridge over the Masacre riverto sell goods to Dominican customers, joined by hundreds of buyersfrom that nation who acquire merchandise in the town, according toDominican Today.

There were more troops and police officers inside the biggestborder market and surrounding areas as well, to prevent incidentsbetween the groups of Haitians and Dominicans, the report says.

The association which groups producers and vendors asked Dajabon'sauthorities to guarantee security in the market, where officialsreport increased income since the ban on Dominican products waslifted, the report adds.

As reported in the Troubled Company Reporter-Latin America onJuly 1, 2016, Moody's Investors Service has changed the outlook onthe Dominican Republic's long term issuer and debt ratings topositive from stable. The ratings have been affirmed at B1.

* DOMINICAN REPUBLIC: Big Firms Weighs in on 'Monopolies' Row------------------------------------------------------------Dominican Today reports that the National Council Business (CONEP)said it opposes the publication of several studies on practicesand conditions of competition in some Dominican Republic markets,conducted by the National Competition Protection Commission (ProCompetencia).

In a letter to Pro Competencia president Michel Cohen and othermembers of its Board of, the CONEP states its "concern" over thedisclosure of "sensitive information that could adversely affect"the image and competitiveness, according to Dominican Today. Italso questions the legality of the regulator's "latest actions,"noting that they would be unlawful, the report notes.

It notes that according to Pro Competencia's bylaws "studies,papers and other research and dissemination, in order to induce aculture of competition among operators in the country," is afunction of its Executive Board, a position that is still vacant,the report discloses.

"We believe and defend competitiveness," the CONEP says, notingthat has been one of the main standard bearers for theCompetitiveness Protection Law 42-08 to take effect, for which,"the appointment of the Board and the Executive director isrequired," the report relays.

"Any execution in relation to this exclusive attribution of theExecutive Board is invalid and its exercise is contrary" toseveral articles of the Constitution, the CONEP says in the letterdated September 6, signed by its president, Rafael Blanco, thereport relays.

Among the studies recently released Pro Competencia, whichdemonstrate the predominance of monopolistic practices and abuseof a "dominant position" in the Dominican Republic figure the ofbeers, pharmaceuticals and insurance market, the report adds.

As reported in the Troubled Company Reporter-Latin America onJuly 1, 2016, Moody's Investors Service has changed the outlook onthe Dominican Republic's long term issuer and debt ratings topositive from stable. The ratings have been affirmed at B1.

=============J A M A I C A=============

CABLE & WIRELESS: Minority Owners Vote Down Resolution in Protest-----------------------------------------------------------------Caribbean360.com reports that minority share-holders of Cable &Wireless Jamaica have defied the board of directors and votedagainst a resolution to set pay for auditor KPMG. Their move wasaimed at making a wider point on transparency.

Voting on the resolution was adjourned for 30 days when C&WJshareholders can vote via poll on the matter, according toCaribbean360.com.

The shareholders at the annual general meeting demandedindependent verification of the heavily fluctuating multibillion-dollar non-cash charges, which lead the company into losses, thereport relays. While all other resolutions at the meeting werepassed without fanfare, the final one -- for KPMG to continue asauditors of the company and to fix their fee -- was resisted, thereport notes.

It was a rare display of minority shareholders exercising theirvoting power at an AGM, the report relays.

"It's a win for minority shareholders for the moment," minorityshareholder Orette Staple declared to the Financial Gleaner justafter the adjournment of the meeting, the report says.

The auditors received payment of $53 million for the year endingMarch 2016, up from $50 million the previous, according todisclosures in the annual report, the report notes. But the feewas not the matter of contention.

The non-cash charges booked by C&WJ relate to impairment anddepreciation at the company, which operates in a heavily capital-intensive telecom industry, the report says. Essentially, theshareholders want the auditors or some other independent body toverify these non-cash expense charges, which fluctuatesignificantly on an annual basis, the report discloses.

Some shareholders questioned whether the auditors rigorously testthe impairment and depreciation charges, or whether the chargesare estimates that increasingly reflect opinion rather than fact,the report relays.

"We have not heard, to my knowledge, a frank and credible reasonfor changing the auditors other than you are vexed with thenumbers. That's not good enough," said C&WJ Managing DirectorGarfield Sinclair at the meeting, the report relays.

That led to a chorus of "transparency" from the shareholders, saysCaribbean360.com.

In response to the vote against the motion, board member andattorney Rochelle Cameron said C&WJ would invoke Article 66 of thecompany's articles of incorporation, which allows a vote by pollin 30 days, the report notes.

"This is well within the rules of articles of incorporation. Thechairman has in fact called for a poll but the reason it would notbe done now is that it has to be done on paper. So thosearrangements will be done for this particular resolution," thereport quoted Ms. Staple as saying.

As to possibility of changing auditors, Kerr-Jarrett pointed outthat KPMG audits the group financials as well as other C&WJsubsidiaries, which streamlines the consolidated accounts, and itwould cost the company more to have a separate company conductingthe audits, the report adds.

As reported in the Troubled Company Reporter-Latin America on Feb16, 2015, RJR News reports that restructuring and legal costsduring the October to December quarter resulted in Cable &Wireless Jamaica racking up a huge financial loss.

The company incurred J$1.5 billion in operating exceptional itemsduring the three months, according to RJR News. As a result, itended the period with a J$1.89 billion loss, the report relates.Revenues increased by 14 per cent to J$5.6 billion.

JAMAICA: Moving to Clear its Customs Agency of Corruption---------------------------------------------------------Caribbean360.com reports that Jamaica's Minister of Finance,Audley Shaw, has warned that the Government is leaving no stoneunturned in its effort to weed out corruption within the JamaicaCustoms Agency.

Mr. Shaw pointed to a number of breaches within the JCA, includinggoods at the transhipment point -- meant for overseasdestinations -- remaining here in Jamaica, and the importation ofillicit cigarettes, alcohol and pharmaceuticals, according toCaribbean360.com.

"Let me make it absolutely and abundantly clear that in movingfrom direct to indirect taxation, we are going to create moreequity. More individuals will be contributing to the tax systemand if we cut out the corruption of imports we can lower our taxesas well; more compliance and everybody will have a more orderedcivilized and decent society. That is the mission of thisadministration," the report quoted Mr. Shaw as saying. "A lot ofyou have had a good run bringing in illegal goods into the country-- some of which are dangerous to our health. A lot of people in alot of places -- and they know when they hear my voice ontelevision or radio, they know who they are . . . . You've had agood run, but we are going to leave no stone unturned to clean upthe system, create better equity for all Jamaicans and at the endof the day have a cleaner quality of life with better economicgrowth."

Mr. Shaw, who was speaking at the American Chamber of Commerce ofJamaica (Amcham) President's Breakfast on data and documentsecurity, noted that corruption is becoming a nationwide crisis,the report relays.

In a panel discussion involving members of the banking,entertainment, pharmaceutical and manufacturing industries, thegroup highlighted that fraudulent paperwork has not only costlocal companies millions in technologies to mitigate theactivities, but has also led to the Sagicor Group closing one ofits critical illness plans in light of fraudulent insuranceclaims.

Globally, fraud currently accounts for US$400 billion. But by2020, that number is expected to reach US$1 trillion. One solutiondiscussed among the members is the implementation of hologramimages on official documents and the public education of theseimages, the report says.

"We are doing our best to control this situation because thecorruption is moving somewhere from endemic to epidemic. We can'tsweep it under the carpet and as the minister I'm not going totolerate it, and we are going to find a way to solve it," Mr. Shawtold members of the audience, the report adds.

* * *

As reported in the Troubled Company Reporter-Latin America onFeb. 15, 2016, Fitch Ratings has upgraded Jamaica's Long-termforeign and local currency IDRs to 'B' from 'B-' and revised theRating Outlooks to Stable from Positive. In addition, Fitchupgraded Jamaica's senior unsecured Foreign- and Local-Currencybonds to 'B' from 'B-'. The Country Ceiling has been affirmed at'B' and the Short- Term Foreign-Currency IDR affirmed at 'B'.

* JAMAICA: Brewing Tax for Imported Coffee------------------------------------------RJR News reports that work is going full steam ahead onintroducing a tax on all coffee imported in Jamaica.

Chief Technical Director in the Ministry of Industry, Commerce,Agriculture and Fisheries, Dermon Spence, says most of thelegislative work to facilitate the move has already beencompleted, according to RJR News.

The move comes, Mr. Spence said, as government seeks to providesupport for the continued growth of the coffee industry, notes thereport.

Last year, coffee recorded a 10.4 per cent growth in production,making a significant contribution to the US$28.5 million in cropexport, up from US$18.7 million in 2014, the report relays.

That performance, Mr. Spence said, "is a clear indication that inspite of challenges . . . . there is value and potential in theindustry and rewards can be reaped," the report says.

"We want to grow and export as many bags of coffee beans aspossible, but in addition to that, we also want to place increasedfocus on the value-added component of the industry," he notedfurther, the report notes.

Two years ago, the president of the Jamaica Agricultural SocietyNorman Grant called for the imposition of a cess on importedcoffee, declaring that the industry was in a state of emergency,the report discloses.

Mr. Spence suggested that the money earned from the tax should beplaced in a special fund to be used to expand the local coffeeindustry, the report relays.

Mr. Spence's call came after two years of the coffee leaf rust andcoffee berry borer diseases resulting in US$10 million in losses,the report adds.

* * *

As reported in the Troubled Company Reporter-Latin America onFeb. 15, 2016, Fitch Ratings has upgraded Jamaica's Long-termforeign and local currency IDRs to 'B' from 'B-' and revised theRating Outlooks to Stable from Positive. In addition, Fitchupgraded Jamaica's senior unsecured Foreign- and Local-Currencybonds to 'B' from 'B-'. The Country Ceiling has been affirmed at'B' and the Short- Term Foreign-Currency IDR affirmed at 'B'.

===========M E X I C O===========

GRUPO CEMENTOS: S&P Affirms 'BB-' Rating & Removes from Watch Neg.------------------------------------------------------------------S&P Global Ratings Services affirmed its 'BB-' long-term corporateand issue-level ratings on Grupo Cementos de Chihuahua S.A.B. deC.V. (GCC). S&P also removed them from CreditWatch negative,where it placed them on May 3, 2016, following the company'soriginal announcement to acquire several U.S. assets from CemexS.A.B. de C.V. (global scale: B+/Positive/--; national scale:mxBBB/Positive/mxA-2). The outlook is stable.

The recovery rating on GCC's $260 million senior unsecured notesdue 2020 remains unchanged at '3' and indicates S&P's expectationof meaningful (50%-70%; higher band of the range) recoveryprospect for the bondholders in the event of a payment default.

GCC recently announced that the acquisition amount, which itdisclosed in May 2016, was reduced to $306 million from$400 million. The asset purchase agreement now includes onecement plant located in Texas; two cement terminals located inAmarillo and El Paso Texas; and the concrete, aggregates, asphaltand building materials businesses in El Paso Texas and Las CrucesNew Mexico. Moreover, the company publicly announced itsintention to fund the purchase with $250 million of additionaldebt and with $56 million of cash reserves.

Although, the transaction is still subject to approval from theU.S. antitrust authority, S&P don't believe that it will hurtGCC's credit quality because S&P believes that its credit metricswill remain in line with the current rating level, particularly,debt to EBITDA below 3.0x. In addition, according to GCC'sdisclosure, S&P understands that the proposed new financing willrank pari passu in right of order and payment in the event of apayment default, with the existing $260 million senior securednotes due 2020. This would mitigate the risk of a potentialstructural or contractual subordination for bondholders.

* MEXICO: Woos the Greater Caribbean to Talk Business in Cancun---------------------------------------------------------------Caribbean News Now reports that Latin American investors are benton boosting business ties in the Greater Caribbean, with companiesin two major business capitals looking to forge new and better,stronger and deeper ties with their smaller hemispheric neighborsto the south.

Hot on the heels of the announcement of a visit to Saint Lucia inNovember by a Brazilian investment mission interested in doingbusiness in the Eastern Caribbean, Mexico says it too has plans totalk and do business with the wider Caribbean in November -- but,in Mexico, according to Caribbean News Now.

The Brazilian mission, being coordinated by a private Brazilianentity, Nomad Development, is due in Saint Lucia from November 11to 17, Caribbean News Now says. It will bring 15 investors andparliamentarians to the island to discuss a wide range of businessopportunities, the report notes.

The Embassy of Brazil in Saint Lucia is assisting in thepreparations for the mission and Ambassador Sergio Couri said,"Investments can be direct or joint, private and/or public," thereport relays.

The Brazilians are interested in projects ranging from tourism andconstruction to alternative energy and agriculture.

But while the Brazilians are heading to the Caribbean, theMexicans have arranged the opposite: to invite Caribbean investorsto talk and do business in Cancun, the report says.

The Embassy of Mexico to the Eastern Caribbean States (based inSaint Lucia) has announced that the 2016 Cancun Forum "CreatingSynergies to Strengthen the Competitiveness of the GreaterCaribbean" will be held November 16-18 in Cancun, Mexico, thereport notes.

The embassy said, "This event is regarded in Mexico as the mostimportant business forum in the Greater Caribbean and is designedto foster regional economic development and competitiveness byincreasing trade and investment flows," the report discloses.

The report relays that the Cancun forum, it added, "also seeks topromote Mexican exports and investment, and explore potentialvalue chains within the Caribbean region."

According to the Mexican embassy, "The central activity of theCancun Forum is a business round where Mexican exporters andbuyers from the Greater Caribbean countries have the opportunityto make contact and start business relationships," the reportsays. The program also includes "business seminars and workshopson the main challenges and opportunities for the region."

But the Brazilians won't be the only overseas businesses headingto Saint Lucia in November. The Taiwanese are coming too -- andyet again, the report notes.

The Taiwan Embassy to Saint Lucia and the island's commerceministry have also announced the ninth Annual Saint Lucia-TaiwanPartnership Trade Show, to be held in Rodney Bay, Gros Islet, fromNovember 25 to 27, the report discloses.

The embassy said the show "will highlight a wide range of qualitygoods and services from Saint Lucia and Taiwan" and will also"afford businesses from both countries the opportunity to developtrading and networking alliances," the report notes.

The Taiwanese businesses participating in the trade show will alsobe seeking agents for retail of their products in Saint Lucia, thereport adds.

======================P U E R T O R I C O======================

AUGUSTOS CUISINE: Disclosures OK'd; Plan Hearing on Oct. 17----------------------------------------------------------The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Courtfor the District of Puerto Rico has approved the disclosurestatement filed by Augustos Cuisine Corporation.A hearing for the consideration of confirmation of the Plan willbe held on Oct. 17, 2016, at 9:30 a.m.

The Debtor filed the Disclosure Statement on July 8, 2016.Objections to claims must be filed 45 days prior to the hearing onconfirmation. The Debtor will include in its objection to claim anotice that if no response to the objection is filed within 30days, the motion will be considered and decided without the actualhearing.

Acceptances or rejections of the Plan must be filed on or before14 days prior to the date of the hearing on confirmation of thePlan.

Any objection to confirmation of the Plan must be filed on orbefore 21 days prior to the date of the hearing on confirmation ofthe Plan.

The Debtor will file with the Court a statement setting forthcompliance with each requirement in Section 1129, the list ofacceptances and rejections and the computation of the same, withinseven working days before the hearing on confirmation.

CONDADO RESTAURANT: Wants Sept. 26 Plan Filing Period Extension---------------------------------------------------------------Condado Restaurant Group, Inc. and Restaurant Associates of PuertoRico, Inc. ask the U.S. Bankruptcy Court for the District ofPuerto Rico to extend their exclusivity period for submitting adisclosure statement and plan of reorganization to September 26,2016, and their period for soliciting acceptances to their plan toNovember 25, 2016.

The Debtors relate that the Court had previously extended theirexclusivity period to September 6, 2016.

The Debtors tell the Court that they had been working diligentlyto prepare their disclosure statement and plan of reorganization.

They further tell the Court that due to some calculations that arestill being worked on by their financial team, including prioritytax claims, and their projections, they will not be able to filetheir disclosure statement and plan of reorganization on time.

About Condado Restaurant Group, Inc.

Condado Restaurant Group, Inc. and Restaurant Associates of PuertoRico filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.Case Nos. 16-01329 and 16-01330) on February 24, 2016. Thepetitions were signed by Dayn Smith, president. The Debtors caseswere consolidated on May 12, 2016 in lead Case No. 16-01329.

EFRON DORADO: Wants Plan Filing Deadline Moved to Nov. 13---------------------------------------------------------Efron Dorado Se seeks from the U.S. Bankruptcy Court a 60-dayextension of the exclusive periods during which it may file andsolicit acceptances of a plan of reorganization through Nov. 13,2016 and Feb. 9, 2017, respectively.

The Debtor submits that the Court's resolution of these contestedmatters -- which are scheduled to be heard on Oct. 3, 2015 -- isnecessary in order to present a feasible Plan: (a) Puerto RicoAsset Portfolio 2013-1 International, LLC's proof of claim number2 and the objection thereto, and (b) the extent of PRAPI's allegedrights and security interest in the rental income arising fromDebtor's Shopping Center operating under the name of Paseo DelPlata, at Dorado, Puerto Rico.

Moreover, the Debtor asserts that it is in the process ofevaluating various alternatives for financing, with a bearing onthe nature and feasibility of the Plan.

About Efron Dorado Se

Efron Dorado Se, based in San Juan, Puerto Rico, filed for Chapter11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00283) on Jan.20, 2016. The petition was signed by David Efron, partner.

In its petition, the Debtor listed total assets of $33.2 millionand total debt of $15.2 million. According to the schedules, theDebtor owns the shopping mall known as Paseo Del Plata ShoppingCenter located in Dorado, Puerto Rico; a parcel of land consistingof 80 Cuerdas, identified as Quintas De Dorado; and a parcel ofland consisting of 30 Cuerdas known as Hernandez Farm.

The hearing to consider the final approval of the DisclosureStatement and confirmation of the Plan will be held on Nov. 15,2016, at 10:00 a.m.

Three days prior to the hearing is fixed as the last day forfiling written acceptances or rejections to the Plan. Three daysprior to the hearing is fixed as the last day for filing andserving written objections to the disclosure statement andconfirmation of the Plan.

Headquartered in Luquillo, Puerto Rico, Farmacia Brisas Del Mar,Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.Case No. 16-00054) on Jan. 8, 2016, estimating its assets atbetween $100,000 and $500,000 and liabilities at between $1million and $10 million. The petition was signed by Ana I De LaCruz Padilla, secretary.

The economic contraction in Puerto Rico is estimated at -2.4% for2016 and -0.9% in 2017, continuing a downturn that began in 2004,which reflects the fragile business and investment sentiment amidPuerto Rico's uncertain fiscal and debt situation.

"The lesser contraction expected for 2017 reflects our view thatthe creation of a control board and legal framework forrestructuring Puerto Rico's debt will increase legal and economiccertainty and help stem investment outflows from the island," saidJeanne Del Casino, a Moody's Vice President -- Senior CreditOfficer.

Moody's says the banks have reduced their exposures to the PuertoRico public sector, although they remain significant, and willdrive nonperforming loans (NPLs) higher since Puerto Rico's weakfinances make a debt restructuring inevitable. Moreover, the newlyenacted oversight board has been explicitly tasked withrestructuring the commonwealth's debt.

However, the banks can absorb further asset quality and earningsstresses at their current capitalization levels Moody's stresstests indicate. In both the baseline and stress scenarios, thebanks' capital levels stay above the minimum regulatoryrequirements for CET1 + capital conservation buffer of 7%.

Monday's edition of the TCR-LA delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-LA editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The MondayBond Pricing table is compiled on the Friday prior to publication.Prices reported are not intended to reflect actual trades. Pricesfor actual trades are probably different. Our objective is toshare information, not make markets in publicly traded securities.Nothing in the TCR-LA constitutes an offer or solicitation to buyor sell any security of any kind. It is likely that some entityaffiliated with a TCR-LA editor holds some position in theissuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.Send announcements to conferences@bankrupt.com

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.

Information contained herein is obtained from sources believed tobe reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,delivered via e-mail. Additional e-mail subscriptions for membersof the same firm for the term of the initial subscription orbalance thereof are US$25 each. For subscription information,contact Peter A. Chapman at 215-945-7000 or Nina Novak at202-362-8552.